46 loaves of bread 460 110 Correct 11 loaves of bread The marginal product of

46 loaves of bread 460 110 correct 11 loaves of bread

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  46 loaves of bread   $460   $110 Correct!  11 loaves of bread The marginal product of labor is the extra output associated with the last worker hired. Question 51 / 1 ptsLaborOutput
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1028314418520Consider the table above. What is the average product when 4 workers are hired?  80   20 Correct!  4.5   2 The average product of labor is calculated as Q/L. Question 61 / 1 ptsJack has a restaurant that specializes in cereal. The first employee that Jack hired was able to produced 11 bowls of cereal per day. The second worker Jack hired added 13 bowls of cereal to total production. The third worker produced 9 bowls and the fourth worker hired added 7 bowls to production for a total of 40 bowls of cereal per day. Jack’s workers exhibit the property of  negative marginal product 
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  diminishing labor   diminishing marginal cost Correct!  diminishing marginal product In the short run, as the variable input to production increases, the marginal product of that input will eventually decline. Question 71 / 1 ptsWhich of the costs below do not vary when a firm changes its level of production?Correct!  fixed cost   average fixed cost   average total cost   Total cost Fixed costs are costs that do not vary as output varies. 
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Question 80 / 1 ptsConsider the figure above. Which curve is AFC?  A You Answered  B   C Correct Answer  D AFC is downward sloping. Question 90 / 1 ptsLaborOutputVariableCostFixedCostTotalCost0012110521822324154282032Consider the table above. What is the average fixed cost at 24 units of output?
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